It marks a return to Wall Street for Fleming, the former Morgan Stanley Wealth and Asset Management president who was once seen as a successor to Chief Executive James Gorman.

The new firm will be owned by Viking investment fund, a trust representing the broader Rockefeller family, and the firm’s management.

Fleming will be CEO and the board will include Fleming, David Rockefeller Jr, Peter O’Neill, Reuben Jeffery III, and Brian Kaufmann of Viking, the firm said in a statement on Wednesday.

The financial terms of the deal, which is expected to close next year, were not disclosed.

Ardea Partners acted as the financial adviser to Rockefeller.

Fleming, 54, joined Morgan Stanley in 2010 from Merrill Lynch. Since leaving Morgan Stanley in early 2016, Fleming has taught at Yale Law School and joined the board of Putnam Investments.

He also advised former White House communications director Anthony Scaramucci on selling his firm SkyBridge Capital to a consortium that includes a Chinese buyer, and represented baseball star Derek Jeter in his bid to acquire the Miami Marlins.

Fleming had also been in talks with Blackstone Group LP about a potential role at the private equity firm, Reuters previously reported.

Reporting by Olivia Oran in New York and Diptendu Lahiri in
Bengaluru; Editing by Bernard Orr and Susan Thomas